Sandbridge Acquisition said in an 8-K that it would restate and refile financials for 2020 in light of the SEC’s position on treating warrants as liabilities for accounting purposes.
The regulator’s April 12 statements prompted scores of SPACs to inform their shareholders that previously filed financials could no longer be relied upon.
Sandbridge is in a pending merger with Owlet Baby Care, a deal that would value the combined enterprise at $1 billion. Announced in February, the transaction includes the $230 million of cash held in trust by Sandbridge and a $130 million PIPE, with participation by Fidelity Management & Research, Janus Henderson Investors, Neuberger Berman Funds, OrbiMed, private funds affiliated with PIMCO, and Wasatch Global Investors. Read more.
